By:ShortMeTina This is yet another blog to reinforce the discipline that’s needed to succeed in the stock market. It’s also a stark lesson for many new and seasoned traders to understand that the Market-on a short term basis- is uncertain. Before I go any further, there are a couple of things I want traders to understand.
To the last point; if I can show you the tools to at minimum, break even the first year; you are on the right track. And based on numbers that are thrown around everyday on the Internet, you will be ahead of 95% of traders. Yes, you will be in that elite group of 5-percenters that doesn’t lose money. Are you with me? I hope so, because once that settles in; we can begin the needed work to instill the proper thinking and skill set needed to trample on the 95% of traders, and some of the 5% out there. Rule 1: The Markets are uncertain and you can’t control the outcome of the markets. You just can’t! You don’t have the money to create a direction. The faster you understand this, the faster you will move away from "personalizing" when a stock doesn't move in your desired direction. Let me elaborate more but quickly on that point. I release a watchlist every Sunday night outlining stocks I am watching; and the direction I believe they will trend in. Here is what you can control: You control what stocks you choose to enter. You control the price point in which you enter. You control the price in which you exit. You control the amount of principle allocated to each stock. You control how long you decide to hold on to the trade. You control whether you add more to that position or subtract from that position. You can control how frequently you trade So on and so forth. Understand that the decision (set by you) in each of the above listed; ways heavily on your profit and loss. Conclusion: I can’t control the direction of the Markets; I can only control myself. New Mantra: I am/will become comfortable with the Market’s uncertainty; however, I am always certain in/with my actions! Good, Bad or Ugly. Leave a comment below or on any social media site of your choice. Don’t forget to follow ShortMeTina on StockTwits, Twitter, Facebook and Instagram.
Email me at tina@shortmetina.com with any questions.
Comments
|
Get our FREE watchlist delivered to your inbox every week!
Our Top Blogs
|